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Nordea Bank's $31 mln lawsuit against construction company to be heard in January

13:52 02/12/2011

MOSCOW, December 2 - RAPSI, Natalia Belova. A commercial court postponed until January 26, 2012 its hearing of Nordea Bank's lawsuit to recover $31 million from a construction company, the court told the Russian Legal Information Agency (RAPSI/rapsinews.ru).

SU-155 has been operating on the Russian construction sector for over 50 years. It comprises more than 150 independent organizations, including 28 industrial enterprises in 17 cities.

Nordea Bank is a universal bank extending banking services to individuals and legal bodies. The Scandinavian Nordea group owns a 100-percent stake in the bank.

Nordea Bank seeks to recover its loan extended in June 2007 and have execution levied on the pledged property.

The loan issued to SU-155 was scheduled to mature in 2012. However, the bank requested its early repayment as SU-155 ceased to pay interest.
SU-155 declined the lawsuit and plans to file a written objection.

The court postponed the hearing after attracting Anzhelika Ivannikova, the sole member of the Sputnik company, a guarantor under the agreement, as a third party laying its own claims.

The company has requested that the court invalidate the suretyship contract, as legal regulations regarding major transactions were violated during its conclusion.
The court upheld the bank's application to specify the claims, as the period to charge penalties has increased. Initially, the bank claimed $29.6 million (about 867 million rubles), but the bank changed its claims several times.

Another lawsuit filed by the bank against the construction company amounting to $23.4 million is also in progress. The primary hearings will be held on December 20.

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Nordea Bank's $31 mln lawsuit against construction company to be heard in January

13:52 02/12/2011 A commercial court postponed until January 26, 2012 its hearing of Nordea Bank's lawsuit to recover $31 million from a construction company.
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